Institutional capital flows into Bitcoin, Solana, XRP and more at highest rate since July 2022
Digital asset manager CoinShares says institutional crypto investment products finally ended their six consecutive weeks of outflows last week in a big way.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional crypto investment products had the highest inflows in over eight months.
“Digital asset investment products had inflows totaling USD 160 million, the largest since July 2022. A marked turnaround after 6 weeks of outflows totaling USD 408 million. While the inflows came relatively late compared to the broader crypto market, we believe it is due to growing fears among investors about stability in the traditional financial sector.”
Bitcoin (BTC) products saw almost $130 million inflows last week. However, short BTC products, which aim to profit from Bitcoin falling in price, also took in $31 million.
“Bitcoin was the primary beneficiary, seeing inflows of $128 million, and recently expressed by some of our clients as a safe haven for the first time. Although not everyone shares this view, as short-bitcoin also saw inflows of $31 million , remained the investment product with the most inflows this year so far, but not the best from a price perspective.”
Ethereum (ETH) products lost $5.2 million last week, marking ETH’s third straight week of outflows.
“We think investor unrest around the Shanghai upgrade (expected on April 12) is the most likely cause.”
Solana (SOL), Polygon (MATIC) and XRP products received inflows of USD 4.8 million, USD 1.9 million and USD 1.2 million respectively.
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Featured image: Shutterstock/sparkzen
